RIM reports sharp drop in profit

Sep 15, 2011, 1:58 p.m.

"This report is another nail in the coffin of management. Even though they guided down for this quarter they still fell short of that."

Regarding the guidance for third quarter phone shipments he said: "If that happens it would be good but so far their track record of being able to predict their own performance has been abysmal."

"They did release a lot of new phones ... but I think investors are going to sit on the sidelines until they see actual results. These results are not good."

"I don't think anybody believes their guidance. Management's credibility is at an all time low."

"We're well past the point these guys should be replaced."

COLIN GILLIS, ANALYST, BGC PARTNERS

"The question is, are they closing the gap with Apple and Android, and even Windows Phone 7? And we don't see that happening, because the real transition for RIM is just beginning, they're going to be moving everything to QNX."

"They've got to focus on their future, which is QNX, and they need to revisit where their market position is going to be, because they're having a tough time competing in the high end, and the low to mid end is going to get very crowded, very soon, with Android and Nokia phones."

STERNE AGEE, ANALYST, SHAW WU, SAN FRANCISCO

"The numbers look bad, but the good news is that they are probably at an inflection point and in the midst of a transition."

(Reporting by Allison Martell in Toronto and Sinead Carew in New York; editing by Frank McGurty)